ELMIRA HEIGHTS, N.Y. (WETM) – Life expectancy in the united states is sitting at 78 years old on average, 4 years below our neighbors to the north in Canada. As this number plateaus, life insurance is becoming more and more essential to American workers.

Oftentimes, companies provide life insurance and other assets that come with being an employee. It’s vital to have a life insurance plan regardless of your employment status. 

“No one knows that they are eligible for their policy. If you were to lose your job, most of the time, you don’t get access to those benefits,” said Tevin Hubbard-Watson, District Leader, Primerica.

Certified Financial Planner Sabrina Chilson says having permanent policies today locks in your cost for life insurance, especially since you’re never going to be any younger or healthier than you are now.

“So if you change jobs, you either have to try and take that with you, which can be very costly depending on your age,” Sabrina Chilson, Certified Financial Planner, CFS Group.

Chilson noted that it is important to have Life insurance coverage especially If you unexpectedly have a life event and are no longer with an employer.

“Maybe you still have debts that need to be taken care of, or maybe you have young children or loved ones that rely on your income,” said Chilson.

These days more community members are seeking life insurance in fear of the unknown. 

“A lot of people have come to me now because they’re really worried. They don’t know what’s happening. They just want the best for their families,” said Hubbard-Watson.

Chilson shared that the IRS is constantly updating how assets change from one person to the next which, can create a tax burden. Life insurance can help you offset some of the tax burdens once you’ve passed on.